Apple will pay about $234 for the parts in each iPhone 6S

Apple will pay about $234 for the parts used in every iPhone 6S,
according to estimates from Bank of America Merrill Lynch.

The biggest part of that cost is $127 for semiconductor
pieces, including $36 for the various cellular radios, $25 for
the new 64-bit A9 processor, $22 for various sensors
(fingerprint, NFC, and so on), and $20 for 64GB of flash memory.
Other core components like the screen, camera, and battery will
add up to $73, and the other stuff (like the case) will add
another $33. The older models are cheaper for Apple to make, as
the cost of their components has come down over time.

An unlocked 64GB iPhone 6S has a starting retail price
of $749, but that doesn't mean Apple is making gross profits
of $515 in profit on each phone — there are also manufacturing
and distribution costs.